Buying Non-Distressed Las Vegas Homes, Condos, Traditional Sale

33% of homes or condominiums sold in Las Vegas, Henderson and North Las Vegas are arms length non-distressed deals where the seller was not forced to sell their home or condo through the short sale process or banks selling REO (foreclosed) homes at discounts to get them off their books.

Non-distressed Las Vegas homes for sale sell for 10%-15% higher than foreclosed homes, condos or short sale houses or condominiums due to the ease of the transaction, quick response from the home seller, disclosures etc. Properties sold through traditional sales are usually in better shape than short sales or foreclosures.

Although asking prices for  Las Vegas homes or condos for sale has to be set based on COMPS, which are comparable properties sold in the immediate area, this is not always the case. Many home or condo listings are way overpriced and have little chance of appraising. Making an offer on these is a waste of time and your Realtor should caution you.

Making an offer on a Las Vegas resale home or condo that is not distressed through traditional or classic sale and escrow process

Making an offer on a non-distressed home or condominium in Las Vegas is straight forward, although making an offer on a new home is not the same as making an offer on a resale home.

  1. The Listing Las Vegas Realtor has to confirm receipt of offer and submit it to the seller for approval as soon as practicable.
  2. Seller either accepts the offer as is or does a counter offer which needs to be answered by the buyer. If an agreement can be reached, the buyer submits a Earnest Money Deposit (EMD) to open escrow. Due diligence starts now.
  3. If financing is needed, now the mortgage officer should be fully involved, we send a copy of the contract to the lender.
  4.  Seller has to provide the buyer with property disclosures and HOA documents (CC&Rs) if the home or condo is a part of home owner association.
  5. Buyer has 5 days from the receipt of HOA docs to approve or reject them (Nevada Law).
  6. Buyer uses the due diligence period to get inspections and prepare a repair order for the seller.
  7. Preliminary Title should be sent to the buyer by the title company to show any exception or clouds on the title.
  8.  We ask for the CLUE report to verify seller's disclosures.
  9. All unknowns should be answered by the end of due diligence since buyer's deposit money becomes non-refundable at that time.
  10. Any complications arising from problems with financing the mortgage will become big headaches at this time, this is why we put so much emphasis on getting your financials in order before you look at a single home or condo.
  11. If all goes well with financing, close escrow and then the deal is recorded. Only now the home is yours and not a second prior to recording.

As you can see a regular home or condo purchase comes with all kind of goodies like title insurance, and if the buyer does his/her due diligence, ends in success.